President Donald Trump's "gold card" visa, which allows foreigners to legally live and work in the United States for a minimum investment of $1 million, has been approved for only one person, Commerce Secretary Howard Lutnick revealed Thursday. This appears to fall short of earlier claims about the program's success.
Discrepancy in Sales Figures
After the program launched in December, Lutnick stated that the government had sold $1.3 billion "worth" of gold cards in just several days. At that time, Trump held up a gilded ticket and called it "essentially the green card on steroids." However, during a congressional committee hearing on Thursday, Lutnick did not address the apparent discrepancy when questioned by a congresswoman.
Program Details and Status
The gold card visa is intended to replace the EB-5 program, a decades-old initiative that offered U.S. visas to individuals who invested about $1 million in a company with at least 10 employees. Trump initially proposed a $5 million cost for the gold card, arguing it would attract foreign talent and boost federal revenue.
Despite only one approval, Lutnick expressed satisfaction with the program's progress. "There are hundreds in the queue that they are going through," he said at the hearing. "They've just set it up, and they wanted to make sure they did it perfectly."
Revenue Projections and Budget Impact
A year ago, Lutnick claimed at a cabinet meeting that the gold card would raise $1 trillion in revenue and help "balance the budget." However, the publicly held debt stands at $31.3 trillion, and the Committee for a Responsible Federal Budget projects this fiscal year's annual budget deficit at roughly $2 trillion.
Each applicant pays a $15,000 fee on top of the $1 million investment, which funds "rigorous vetting" and eventually opens a path to U.S. citizenship. Corporations can also spend $2 million for a foreign-born employee, plus a 1% annual maintenance fee.
Marketing and Future Plans
The program boasts a glitzy government website with the phrase "Unlock life in America" above a depiction of a gold card featuring Trump's stern visage, a bald eagle, the Statue of Liberty, and his squiggled signature. The website also touts an upcoming $5 million "Trump Platinum Card," which offers up to 270 days in America without being taxed on non-U.S. income.
While Trump has built his presidential identity around deporting immigrants without legal status, he has consistently supported skilled immigration. The gold card program could facilitate such immigration. When asked how the proceeds will be spent, Lutnick said: "That will be determined by the administration, and its terms are for the betterment of the United States of America."
The concept of golden visas is relatively common worldwide, with dozens of countries offering similar programs to wealthy individuals, including the United Kingdom, Spain, Greece, Malta, Australia, Canada, and Italy.
